Best Plan for BCP/Freedom

Best Plan for BCP/Freedom

Hello all! I have been in the garden for a bit after recovering from a short sale in 2010 and spending my time since lowering my Utilization on my current accounts. The only negatives I have ever had were (2) 30 day lates prior to my short sale and the CO from the short sale itself. I have no other negatives I am interested in a cash back card either the Amex BCE/BCP or the Chase Freedom. The bulk of my expenditures are groceries, gas, and restaurants/dining. My current profile is as follows:

BoA Cash rewards: 1,500 bal/ 8,500 limit

Chase SLATE: 2,500 bal/ 8,000 limit

Capital One Cash Rewards Platinum: 0 bal/ 2,500 limit

GECRB Luxury: 0 bal/ 3,500 limit

Student Loans: Currently in deferment 189,000

AAoA: 11 years

CK Score: 711 CS Score: 717

Only 1 hard inquiry in last 2 years about to be removed

What historically is easier to obtain Freedom or BCP/BCE?

I am more attracted to the Amex due to 60 day 3xCLI. Do I increase my chances at the Amex revolver by first going for PRG (which I really don't need) and then immediately apping for the BCE/BCP or do I just go straight for the revolver?

Re: Best Plan for BCP/Freedom

Marcos8 wrote:

Hello all! I have been in the garden for a bit after recovering from a short sale in 2010 and spending my time since lowering my Utilization on my current accounts. The only negatives I have ever had were (2) 30 day lates prior to my short sale and the CO from the short sale itself. I have no other negatives I am interested in a cash back card either the Amex BCE/BCP or the Chase Freedom. The bulk of my expenditures are groceries, gas, and restaurants/dining. My current profile is as follows:

BoA Cash rewards: 1,500 bal/ 8,500 limit

Chase SLATE: 2,500 bal/ 8,000 limit

Capital One Cash Rewards Platinum: 0 bal/ 2,500 limit

GECRB Luxury: 0 bal/ 3,500 limit

Student Loans: Currently in deferment 189,000

AAoA: 11 years

CK Score: 711 CS Score: 717

Only 1 hard inquiry in last 2 years about to be removed

What historically is easier to obtain Freedom or BCP/BCE?

I am more attracted to the Amex due to 60 day 3xCLI. Do I increase my chances at the Amex revolver by first going for PRG (which I really don't need) and then immediately apping for the BCE/BCP or do I just go straight for the revolver?

Thanks

Chase Freedom is easier. Since you already have the slate, I say you have a good change. Unless, your internal limit with chase is at 8k.

Is your Slate on 0% apr? If so, I would BT the 1.5k from BoA. It looks better to just have balance on one card to the creditor/lender. It doen't matter if you are PIF anyway.

As for Amex, I would go for PRG, then when January '14 hits, go for revolving for the backdating. If you maintain it well, you can have 35k CL pay over time added to your charge card. However, the interest is high at 18.99%

Re: Best Plan for BCP/Freedom

Your AAoA is great, and your Util isn't bad. It could always be lower, but I have seen higher utilizations result in approvals - and you only have balances on two cards which is different than balances on all cards.

It's just going to be those baddies and the MASSIVE amount of student debt holding you back in the near future, no matter what card you app for. If I was a lender, I would look at those student loans like a ticking time bomb. That's a lot of debt to start paying down eventually, and it will certainly take a large income to do it. I guess what I'm saying is a big factor in your approvals odds for any credit card will be your income. So without knowing that, it's hard to say what your chances are.

Re: Best Plan for BCP/Freedom

I would app for the Freedom mainly since AMEX risk assesment seems to use some sort of linear regression type of model to assess risk, meaning the short sale and the late payments would easly skew your "points" too far from what is considered ideal for that card. Think of a slightly angled line, the line being ideal defined by AMEX for a particular card and all your score data (essentially, data form your credit report) being dots which get plotted around that line. Closer to that line, better chance of approval, farther away, the chances diminish. This type of assement makes it very difficult for someone wtth any blemish to be approved for BCP. My advice, if you really want BCP, apply for the Amex Delta Gold and after a month call in and do a product change to the BCP. Amex Delta Gold is within your reach.

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IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.